Jargon Buster - Definition of Potential Future Beneficiaries

are often nominated on a trust schedule as the individual(s) to receive the funds or assets if they cannot be paid to the initial beneficiaries. For example when setting up a life insurance trust, the settler may nominate a beneficiary for the policy to pay out to, if however something happened to the beneficiary, it would be useful to have Potential Future Beneficiaries to indicate where the payout should go next.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.